BOI streamlines reporting requirement for its registered firms, simplifies S-1 Form
In an effort to further streamline its processes and transactions, the Philippine Board of Investments (BOI) has simplified the reporting requirement for its registered business enterprises (RBEs) with the issuance of Memorandum Circular Number 2017-003.
Signed by Trade Undersecretary and BOI Managing Head Ceferino Rodolfo by authority of the Board on February 15, 2017, the new circular provides for the implementation of the revised S-1 Form requiring RBEs to submit only an Annual Report on Actual Operations.
The S-1 Form contains an RBE’s report on operations including attachments such as income tax returns, audited annual financial statements, and production and sales reports.
The revised S-1 Form will be used for reporting starting year 2016. BOI however extended the deadline for submission of the reportorial requirement operations for year 2016 from April 30 to May 15, 2017 to give RBEs enough time to be more familiar with the revised S-1 Form. RBEs should submit the revised S-1 Form notarized and in hard and soft copies (MS Excel Format) within the prescribed period as follows: for Calendar Year – April 30 of every year; and for Fiscal Year – Four months after the end of Fiscal Year. RBEs are required to submit one report for each registered project.
The revised S-1 Form is universal and replaces the eight different types of S-1 Forms for various industries and sectors. With the more compact and simplified S-1 Form, RBEs are no longer required to submit S1-2 Forms or the Semestral Report on Actual Operations.
The submission of such reports within the prescribed period are required by law, under Rule XI of the Implementing Rules and Regulations of Executive Order Number 226 or the Omnibus Investments Code which provides the Board to periodically check and verify the compliance by RBEs with relevant provisions of the Code, its rules and regulations, and terms and conditions for registration.
The revised S-1 Form is downloadable at the BOI Website (gwhs-stg02.i.gov.ph/~s2boigov). To help RBEs in filling out the form, a Glossary and Guidelines of S-1 can be also downloaded at Website under “BOI Applications” Tab, “Downloadable Forms” sub tab, “Monitoring” sub tab, then “Annual Report” sub tab. All mandatory fields must be accomplished and the data pertaining to the enterprise and registered project must be accurate.
The BOI is planning to offer online submission of reportorial requirements in the future to make submissions more convenient and easier for BOI-registered business enterprises.
The BOI also conducted a series of Compliance Information Drive on April and May of this year as part of its effort to foster constructive partnerships and to keep BOI-registered enterprises abreast with the new policies and guidelines in relation to their registration with the agency. The information drive covered familiarization and a walk through of the participants on the new S-1 Form. (END)